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TSR Wiki > Study Help > Subjects and Revision > Revision Notes > Economics > GCSE Economics

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Contents 1 AQA 1.1 Business economics 1.2 Market failure 1.3 Macroeconomics 2 OCR 2.1 The economic problem 2.2 The competitive market 2.3 The economic role of government 2.4 International economics

AQA

• Scarcity, choice, opportunity cost
• Specialisation
• Resource allocation
• Demand
  • Price elasticity of demand
• Supply
  • Price elasticity of supply
• Market equilibrium
• The labour market

Business economics

• Objectives of business
• Public and private sector ownership
• Growth of business
  • Mergers and take-overs
• Business performance
• Business competition

Market failure

• Monopoly
• Externalities
• Regional problems
• Taxes and subsidies
• Price controls
• Competition policy
• Regulation

Macroeconomics

• Macroeconomic indicators
• GDP and national income
• The money supply
• Circular flow of income
• The economic cycle
• Exchange rates
• Objectives of macroeconomic policy
• Effects of macroeconomic policy
• Interest rates
• Government income and expenditure
• Trade policy
• The European Union

OCR

The economic problem

• Factors of production
• Scarcity, choice, opportunity cost
• Approaches to the economic problem
• Money and interest rates

The competitive market

• Competitive markets
• The demand curve
• The supply curve
• Price elasticity
  • Price elasticity of demand
  • Price elasticity of supply
• Determination of price in competitive markets
  • The equilibrium price
  • Product differentiation
  • Taxes and subsidies
• Costs - the information on this page is too detailed for GCSE.
• Revenue - the information on this page is too detailed for GCSE.
• Profits
• Productivity
• Rewards for labour

The economic role of government

• The role of the government in the UK economy
• Government income and expenditure
• Policy objectives
  • Economic growth
  • Unemployment
  • Inflation
  • Conflicts between objectives
• Market failure

International economics

• Specialisation and trade
• The European Union
• Balance of Payments
• Exchange rates
• Standards of living